The US government is hosting a high-profile cryptocurrency summit on Friday, with top executives from major players like Coinbase and Chainlink Labs in attendance. The meeting comes amid extreme volatility for digital assets, with the price of bitcoin plummeting to around $90,000 this week.
President Trump’s proposal for a US strategic reserve of cryptocurrencies has sparked significant interest among industry leaders. The proposed reserve would include popular cryptocurrencies such as bitcoin, ethereum, and solana, and its creation is seen as crucial for shaping the future of digital assets in the US.
Industry experts say that while some progress may be made at the summit, it’s unlikely to address short-term concerns about price stability. “It takes longer than just a few weeks to come up with how to do all of this,” said Martin Leinweber, digital asset research and strategy director for MarketVector.
The administration is working on two pieces of legislation aimed at regulating stablecoins and the overall crypto market. These efforts aim to provide clarity on regulatory oversight and bring much-needed stability to a market that has experienced extreme fluctuations in recent weeks.
The summit’s attendees will discuss the potential implications of such regulations, as well as the importance of cooperation between the private sector and the government in achieving Trump’s ambitious goals for the US cryptocurrency industry.
Source: https://finance.yahoo.com/news/crypto-world-hopes-a-trump-summit-friday-will-deliver-more-of-what-it-wants-from-washington-090043238.html